Costs may be allocated to a product or activity for many purposes, but care must be exercised when using allocated costs because: Multiple Choice fixed costs will change in total if the volume of activity changes. arbitrarily allocated costs may not behave in the way assumed in the allocation method. direct costs identified with the product or activity may not be accurately assigned. all costs may not have been allocated to the product or activity.

Herman is covered by a cafeteria plan by his employer. his adjusted gross income (agi) is $100,000. he paid unreimbursed medical premiums in the amount of $10,500 and he itemizes deductions. what amount will herman be able to deduct for his medical insurance premium expenses?

Which of the following areas provides residents with close access to high-paying jobs and cultural attractions? a. the suburbs b. exurbs c. rural areas d. the city 2b2t

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.